The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

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Borrower

W••• C••••••• • C••• L••

group grade Aon a schedule nowsponsor unattributed
Also written as: WSC Ultimate Holdings, LLC
Principal held
at least $64.4M
sum of BDC pieces, a lower bound
Fair value
$67.8M
101c on cost, debt pieces
Unfunded
$9.9M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
3 equity pieces beside them
Next maturity
May 1, 2030
no dated debt inside 24 months
On the tape since
Jun 30, 2024
latest Jun 30, 2026
Events
5
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $56.3M101cS+525 bpMay 1, 20302
first lien revolver first lienat least $8.2M102cS+400 bpMay 1, 20302
Equity pieces beside the debt: preferred equity ($2.9M fair value, 2 BDCs), equity ($450,500 fair value, 2 BDCs), other (n/a fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
A••• C•••••• C•••unstated lien unstatedn/an/a
A••• C•••••• C•••preferred equity equity
Class A preferred units 2
n/a$300,000
A••• C•••••• C•••preferred equity equity
Class A preferred units 1
n/a$1.1M
100c
PIK 10.00%
A••• C•••••• C•••term loan first lien
First lien senior secured loan 1
$17.0M$17.0M
100c
S+525 bp
A••• C•••••• C•••term loan first lien
First lien senior secured loan 2
$6.4M$6.4M
100c
S+525 bp
A••• S•••••••• I••••• F•••unstated lien unstatedn/an/a
A••• S•••••••• I••••• F•••preferred equity equity
Class A preferred units
n/a$1.5M
100c
PIK 10.00%
A••• S•••••••• I••••• F•••term loan first lien
First lien senior secured loan
$32.9M$32.9M
101c
S+525 bp
A••• S•••••••• I••••• F•••revolver first lien
First lien senior secured revolving loan 1
$6.0M$6.0M
101c
S+400 bp
A••• S•••••••• I••••• F•••revolver first lien
First lien senior secured revolving loan 2
$2.2M$2.2M
105c
S+300 bp
A••• S•••••••• I••••• F•••equity equity
Class A common units
n/a$450,500
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$64.4M$64.4M101c0
Mar 31, 20262$64.4M$64.4M101c0
Dec 31, 20252$66.6M$66.6M101c0
Sep 30, 20252$65.2M$65.2M101c0
Jun 30, 20252$64.7M$64.7M101c0
Mar 31, 20252$52.6M$52.6M101c0
Dec 31, 20242$47.4M$46.9M100c0
Sep 30, 20242$47.3M$46.3M99c0
Jun 30, 20242$38.5M$37.7M99c0
What changed
Every change including routine ones
Identity
Group key
W S CONNELLY ANDderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 2 BDCsderived